Starting a New Business? – Be Prepared for Taxes
Starting and owning a new business can be very exhilarating but it can also be very stressful. There are so many important things to keep track of and dozens of tasks that need your attention. One thing that can get lost in the shuffle is your taxes.
First, the taxes you owe and how much you will have to pay will depend greatly on how you structure your business: whether it be a corporation (S or C), a partnership, a sole proprietorship or a Limited Liability Corporation (LLC). If you’re not sure which one is right for you, we’ll be happy to explain the differences and help you set up the best structure for your needs.
As a business owner you could be subject to several different types of taxes, including income taxes, employment taxes, self-employment taxes and excise taxes. You are responsible for any of these taxes that are not automatically deducted. That means you have to pay quarterly tax installments. If you fail to do this you could end up being penalized and pay even more, including interest.
As a business owner you’re still not done. These are just the federal taxes that you need to track. You also need to make sure you are up-to-date on all state and local business taxes as well. Owning a business can certainly be exciting but don’t forget about your taxes along the way. The experts at GROCO can help. Call us at 1-877-CPA_2006 or click here.
For more information on tax tips when starting your own business click here
http://www.palmbeachpost.com/feed/business/consumer-advice/dont-let-taxes-kill-your-new-business/fCMXWF/
Why You Shouldn’t Be Planning on a Big Refund
Why You Shouldn’t Be Planning on a Big Refund Most people love tax time for one thing: a big refund. Of course, there’s not much else to love about it. But things are a little different this year. Those big tax refunds people are used to getting are not showing up. So far, the average refund is down by…
Is Your Large Tax Refund a Good Thing?
Is Your Large Tax Refund a Good Thing? What’s the best part of tax season? When it ends, right? Well, for many taxpayers that might be the answer. But for millions, the fact that they get a large refund is probably what comes to mind. A big tax refund might seem like a great thing on the surface. Who…
Will the Shutdown Delay Your Tax Refund?
Will the Shutdown Delay Your Tax Refund? Whether or not you’re following the government shutdown, eventually it could affect you. For most people, life has continued as normal since the federal government decided to shut down late last year. If you don’t work for the government, then chances are you haven’t noticed any significant changes…
The Big Changes You Need to Know Before Tax Day
The Big Changes You Need to Know Before Tax Day It’s safe to say this could be one of the most interesting tax filing seasons in the last several decades. This is the first year of filing taxes under the new Tax Cut and Jobs Act. And that means there are significant changes you need…